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Employee Benefits – The Only Thing on Everyone’s Mind?

Ensuring a balanced mix of employee benefits that are inexpensive and highly sought-after among job seekers can give your company a competitive edge when it comes to recruiting or retaining top talent!

In fact, a good “employee benefits” package can also complement recruitment challenges for companies that can’t necessarily afford high salaries or better perks.

Is that why Global Tech Leaders Offer some of the World’s best Employee Benefits?

Apple recently rolled out a new perk for employees, they now offer free genetic testing facilities at their on-site wellness clinics. Then there are brands like Netflix who offer unlimited maternity and paternity leave for the first year after childbirth. In today’s competitive marketplace, where tech startups and new brands jostle to hire the best talent, companies have to try hard to retain their best-performing employees. A generous employee benefits package can help do both, attract and retain the best!

Read More: Employee Engagement is YOUR Responsibility too!

Does that mean that Companies Compete to Offer Best-in-class Employee Benefits?

According to a recent Glassdoor survey, benefits and perks were NOT some of the leading reasons for employees to consider joining a company! While employee benefits do matter to job seekers, there are a host of other factors that could matter more or influence whether or not a job seeker takes that job!

Several top tech companies rank high in terms of the kind of innovative employee benefits and perks that they offer, inspite of this.

Google’s free food, cooking classes and gym facilities, Facebook’s wellness allowance or paid vacations, Amazon’s adoption assistance and restricted stock units (RSUs) are just some (albeit popular) examples.

Worldwide accommodations leader Airbnb offers employees an annual stipend of $2000 annually to travel anywhere in the world while work management tool provider Asana gives employees access to executive and life coaching services. Let’s not forget how Adobe offers a week off once in December and once again over Summer!

Read More: 3 Key Workplace Trends That Will Elevate Employee Experience In 2020

Tech leaders like Salesforce encourage participation in volunteer projects by providing employees with a week of PTO to allow them to volunteer while Evernote’s Evernote Academy offers a bunch of team building classes.

Changing Times…Changing Employee Benefits

Today’s dynamic lifestyle needs and changing needs determine what affects or influences employees most when seeking jobs. In several recent surveys, employees place high value on benefits that are low-cost to employers but convenient to them, for instance, flexible work hours, more paid time off, more work-from-home options. Health insurance still often ranks as a top in-demand employee benefit.

Back in November of this year, Microsoft Corp’s Japan branch ran a corporate experiment to test a four-day work system. The experiment quite famously boasted of boosting productivity at the workplace by 40%!

Brian Kropp, Group Vice President at Gartner Inc., had once said that the ‘’five-hour workday idea fits with the broader trend of companies looking to increase flexibility, which many workers value above pay. Research shows most people are only productive for four or five hours of the workday, so reducing work time doesn’t necessarily cost companies output.”

Then there is the story of German entrepreneur Lasse Rheingans who became a subject of attention since The Wall Street Journal reported on his idea of putting in place his 16-person technology start-up: through a five-hour workday model.

Read More: TecHR Interview with Ian Cook, VP of People Solutions at Visier

All these innovations align with the changing needs and demands of today’s global workforce. The gig economy demands flexibility. Working from home is more commonplace than ever before. Remote work is gaining its fair share of attention too. All of these trends were relatively absent upto 10 years ago but are now more prevalent than ever.

What are some of the most innovative Employee Benefits that you’ve put in place?